A Market Comprised of Only Two Firms Is Called a

question 35

Multiple Choice

A market comprised of only two firms is called a

• A)competitive market.
• B)duopoly.
• C)monopoly.
• D)monopolistically competitive market.

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Definitions:

Classical Conditioning

A training approach involving the regular pairing of two cues, where a response originally provoked by the second cue becomes triggered by only the first cue over time.

Instrumental Learning

A learning process that uses rewards and punishments to promote or discourage a behavior, also known as operant conditioning.

Observational Learning

A learning process where an individual acquires new behaviors by watching and imitating others.

Habituation

the process by which an organism decreases or ceases its response to a stimulus after repeated or prolonged exposure.